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Regulatory timetable

Regulatory change continues apace. These changes may be driven by changes in legislation here in the UK, in Europe or as a result of regulatory supervision where weaknesses or potential risks have been identified.

Note re the UK's EU exit: as confirmed by the FCA, the UK is obliged to enforce EU regulations for as long as we remain a member of the EU. The FCA has confirmed it will keep all proposals and policy under review to take account of changes needed around the UK’s exit from the EU.

In this section we highlight key areas of interest e.g. regulatory consultations, thematic reviews, discussion papers as well as policy statements. Not every paper issued by the FCA is covered, instead we will focus on those areas likely to have the greatest impact across the firms that we work with. We may also include guidance on forthcoming new requirements to assist you in reviewing current processes. Note that guidance on current regulatory requirements can be found under the relevant sections of Business, Client or Investment Management.

The diary for future regulatory change is:

Implementation of the new Insurance Distribution Directive (sometimes referred to IMD 2) comes into effect for all firms involved in insurance mediation.

1 October 2018

Advising on pension transfers

Advising on pension transfers - phase two of new requirements. The requirement to provide a transfer value analysis (TVA) when advising on a pension transfer will be replaced by a new requirement to provide an appropriate pension transfer analysis (APTA), which will need to include a transfer value comparator (TVC).

1 April 2019

Funding of the FSCS

Changes to how the FSCS is funded come into effect, including:

Merging the investment and life pensions funding classes

Moving pure protection from life and pensions into the general insurance distribution class

Increasing compensation limits for investments and mortgages from £50,000 to £85,000

6 April 2019

Advising on pension transfers

Advising on pension transfers - phase three of new requirements. Assumptions used within the appropriate pension transfer analysis (APTA) will be changed.

The current approved persons regime is to be replaced and the SM&CR (which currently only applies to banks, building societies and PRA regulated investment firms) is to be extended to all sectors of the financial services industry, including investment firms, insurance firms and mortgage firms.

End of 2019

Fifth Money Laundering Directive

Further changes are to be made to money laundering regulations to assist in combatting terrorist financing and to improve transparency.